Hello looking for general help and guidance please regarding IHT and Gifts
I am currently a 55yr old male widowed with 2 financially independent children.
My Assets are as follows House- £2.4 million, Bank £430,000 approx, Unit Trust £350,000, Investment Bond £455,000
I am confident that i will have adequate income from pensions etc in retirement.
I am happy to make gifts to my children to help reduce Inheritance Tax but rather than make outright gifts i would rather use some form of trust.
I have been reading various articles about Loan Trusts and Discounted Gift Trusts my main questions are as follows
1- Can the Bond or Unit Trust be transferred directly into either the Loan Trust or DGT or do these assets have to be cashed in first.
2- In relation to the income from these Trusts do i have to take the income or can i elect to forego this and start income at a later date.
PS. I am aware that it is a no go area to gift my house and continue to live in it and that even if i were to do this and pay a rent it is still fraught with difficulties
Many Thanks
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